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Bill 500

                    Current Status

Bill Number:                      500
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990217
Primary Sponsor:                  Reese
All Sponsors:                     Reese
Drafted Document Number:          l:\council\bills\gjk\20236std99.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Property taxes, delinquent; interest 
                                  payable upon redemption revised; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990217  Introduced, read first time,           06 SF
                  referred to Committee


                             Versions of This Bill

TO AMEND SECTION 12-51-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDEMPTION OF REAL PROPERTY, AFTER A DELINQUENT TAX SALE AND THE INTEREST REQUIRED TO BE PAID, SO AS TO REVISE THE INTEREST WHICH IS PAYABLE UPON REDEMPTION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-51-90 of the 1976 Code, as last amended by Act 332 of 1996, is further amended to read:

"Section 12-51-90. (A) The defaulting taxpayer, any grantee from the owner, or any mortgage or judgment creditor may within twelve months from the date of the delinquent tax sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, assessments, penalties, and costs, together with eight percent interest on the whole amount of the delinquent tax sale bid. In the case of a redemption in the last six months of the redemption period, for all real property except that classified pursuant to Section 12-43-220(c) at the time of the delinquent sale, the applicable rate of interest is twelve percent interest as provided in subsection (B). If prior to the expiration of the redemption period, the purchaser assigns his interest in any real property purchased at a delinquent tax sale, the grantee from the successful bidder shall furnish the person officially charged with the collection of delinquent taxes a conveyance, witnessed and notarized. The person officially charged with the collection of delinquent taxes shall replace the successful bidder's name and address with the grantee's name and address in the delinquent tax sale book.

(B) In the case of a redemption in the first three months of the redemption period, the interest is three percent of the whole amount of the delinquent tax sale bid. In the case of a redemption in the fourth, fifth, or sixth month of the redemption period, the interest is six percent of the whole amount of the delinquent tax sale bid. In the case of a redemption in the seventh, eighth, or ninth month of the redemption period, the interest is nine percent of the whole amount of the delinquent tax sale bid. In the case of redemption in the last three months of the redemption period, the interest is twelve percent of the whole amount of the delinquent tax sale bid. However, in every redemption the amount of interest shall not exceed the amount of the bid submitted on behalf of the forfeited land commission pursuant to Section 12-51-55."

SECTION 2. This act takes effect upon approval by the Governor.

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